Payments Bank: check mark Zuckerberg plans payments feature to India's 250 mn whatsapp apps users, IT News, ET CIO

collected by :Molly Tony

After lobbying in vain for his silly and controversial idea of a basic net for people also poor to pay for data, check mark Zuckerberg is Eventually doing something useful in India. The Facebook Inc. boss is bringing a much-awaited payments feature to the country's 250 mn whatsapp apps users.In anticipation of this move, commentators had endeed predicted a "WhatsApp moment" in banking, whereby tech disrupts the cash-heavy, inefficient methods with that people currently settle dues in emerging countries. Paytm is witnessing a sixfold year-on-year development in acceptance with bricks-and-mortar merchants.Enter Zuckerberg. Hassle-free money transfers between whatsapp apps users in India are the starting point for his payments feature. The complex retail architecture across India's cities, towns and villages has thus far been nearly completely cash-based.

WhatsApp Payments going to impact home-grown players however existing customers will not switch to it easily, tell experts

WhatsApp digital payments going to too involve backing with a number of banks, such as the State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank, IANS reported. So what does WhatApp Payments entry bode for existing digital payment players? Adoption is limited to the number of applications that are downloaded that remembers the bank app, payments application or wallet. However, he is unlock to Utilizing whatsapp applications digital payment system the time it is released as he is 'knows' the app. "The hight in digital payments isn't because of people's tendency to be loyal to 1 or the other digital payment player.

What we expect whatsapp apps Payments to bring in future

As it stated in WhatsApp has made its entry into the Indian on-line transaction segment with the launch of the UPI-based payments feature. To make this possible, whatsapp apps has joined hands with many banks in India and is rolling out the payments feature to the users. We have come up with some other features we would love to see in whatsapp apps payments from here. We have too come up with some limitations with the whatsapp apps payments feature. Transfer money to wallets whatsapp apps lets you transfer money to another person's bank account.

WhatsApp Payments vs Google Tez: Both Utilize Unified Payments Interface however it's advantage WhatsApp

In India, whatsapp apps Payments going to be directly competing versus the likes of Paytm, Mobikwik and Google Tez. -- WhatsApp's overall popularity gives it a boost over new players like Google Tez which is continue new and continue working to establish a consumer base. Google Tez, on the other hand, is less likely to cause such statuses as it does not come with a messenger. However, without features like bill payment, whatsapp apps Payments is limited. It going to be interesting to see how Tez grows amidst existing competition like Paytm and new challengers like whatsapp apps Payments.